94 EXCEL FORCE MSC BERHAD Notes to the Financial Statements (cont’d) 25. PROFIT BEFORE TAX Profit before tax is arrived at after charging/(crediting): Group Company 2021 2020 2021 2020 RM RM RM RM Auditors’ remuneration - statutory audit 59,500 57,000 52,500 52,500 - non-statutory audit 5,000 5,000 5,000 5,000 Amortisation of product development costs 2,710,519 2,523,242 2,319,300 2,103,308 Depreciation of: - property, plant and equipment 754,047 652,101 688,276 643,406 - right-of-use assets 344,187 369,400 344,187 369,400 Goodwill written off - 123,505 - - (Gain)/Loss on disposal of property, plant and equipment (124,857) 1 (124,857) 1 (Gain)/Loss on foreign exchange - realised 39,898 17,436 39,901 17,436 - unrealised (9,181) 7,550 (9,181) 7,550 Provision of loss claim 600,000 1,000,000 600,000 1,000,000 Non-executive Directors’ fee 193,290 191,000 193,290 191,000 Property, plant and equipment written off 806 - 774 - Dividend income from a subsidiary company - - (470,000) - Interest income from: - deposits with licensed banks (50,101) (44,614) (39,443) (27,754) - short-term funds (64,999) (1,036,408) (64,999) (1,036,408) - amount due from a subsidiary company - - - (49,531) Reversal of impairment losses on trade receivables (109,416) (15,040) (108,573) (3,567) Waiver of amount due from a subsidiary company - - 285,370 - 26. TAXATION Group Company 2021 2020 2021 2020 RM RM RM RM Tax expenses recognised in profit or loss Malaysian income tax Current tax provision 4,466,555 3,347,843 4,441,741 3,343,797 Under provision in prior years 239,219 61,019 239,219 56,540 4,705,774 3,408,862 4,680,960 3,400,337 Malaysian income tax is calculated at the statutory tax rate of 24% (2020: 24%) of the estimated assessable profits for the financial year.
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